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Two companies under S Alam Group, S Alam Vegetable Oil Ltd and S Alam Super Edible Oil Ltd, are accused by the National Board of Revenue (NBR) of evading VAT worth Tk 3,538 crore between 2019 and 2022. The NBR’s audit and review reports allege that these companies underreported their purchase and sales data in VAT returns, resulting in unpaid VAT and subsequent penalties totaling over Tk 7,000 crore. The companies deny any wrongdoing, claiming discrepancies arose from inflated sales and purchase data in financial statements to secure bank loans. The NBR insists the allegations are proven, highlighting discrepancies between VAT returns and audited financial statements. The firms are required to pay the claimed amounts by July 3 or face further legal actions. They have 90 days to appeal by paying 20% of the VAT claim.
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